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V. Rishi Kumar

Hyderabad , June 22

RAM Informatics Ltd plans to expand into two more centres — in Bangalore and Visakhapatnam.

The Bangalore centre will handle its BangaloreOne project.

The company management has convened a meeting next month to seek shareholders' nod to offer preferential shares and to raise the authorised capital.

The Executive Director of Ram Informatics, Mr R. Jagadeeshwar Rao, told Business Line that the board had decided to offer 37,00,000 equity shares on a preferential basis to promoters and non-promoters by increasing the authorised capital from Rs 10,00,000 shares to Rs 15,00,000 shares, at a premium of Rs 5 per share as per the guidelines of Securities and Exchange Board of India.

"The company has convened its EGM for July 11 to seek shareholders' nod. Following this approval, we expect to complete the process of offer of shares by July-end. The objective is to augment working capital and support expansion plans," said Mr Rao.

"We are implementing the BangaloreOne project, a single point centre for citizen services, and expect to sign up with the Uttar Pradesh Government next week for a similar citizen-centric services project in Lucknow, and with the Maharashtra Government in Mumbai. This would mean additional fund infusion for working capital and expansion," Mr Rao said.

"Apart from the promoters subscribing to the proposed offering, some financial institutions, an NRI and CMS Computers, our partner in various citizen-centric projects, are likely to take stake. " Mr Rao said.

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